What legal requirements should I meet before starting a business in Ohio?
By
Legal Requirements for Starting a Business in Ohio
Before starting a business in Ohio, there are several legal requirements that you should meet, including:
- Registering your business: All businesses operating in Ohio need to be registered with the Ohio Secretary of State. You can register your business by filing Articles of Incorporation, Articles of Organization, or Assumed Name Registration.
- Obtaining necessary licenses and permits: Depending on the nature of your business, you may need to obtain certain licenses and permits from local and state authorities. Ohio's One-Stop Business Portal provides a list of licenses and permits that your business may require.
- Filing taxes: As of 2021, Ohio's Business Income Tax rate is 3%. Depending on the structure of your business, you may need to file for taxes at the federal, state, and/or local levels. You should speak with a tax professional regarding your business's specific tax requirements.
- Complying with employment laws: If you plan on hiring employees, you must comply with federal and state employment laws, including minimum wage and anti-discrimination laws.
- Providing workers' compensation coverage: Ohio law requires most employers to provide workers' compensation coverage for their employees. This coverage provides a safety net for employees who suffer work-related injuries or illnesses.
It is important to note that there may be additional legal requirements based on the nature of your business. For example, if you plan on operating a liquor establishment, you may need to obtain a liquor license from the Ohio Department of Commerce. To ensure that you are meeting all the necessary legal requirements for your business, it may be helpful to consult with an attorney who specializes in business law.
If you are not familiar with the legal requirements for starting a business in Ohio, it is recommended that you perform extensive research or consult with an attorney in order to ensure that you are meeting all of the necessary legal requirements. Failing to comply with applicable laws and regulations can result in significant fines and legal penalties.
